What could eclipse Bitcoin and make it antiquated? - page 2.

DOGE12321

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Quote from: mrcash02 on June 27, 2017, 06:35:57 PM

Quote from: franky1 on June 27, 2017, 06:17:45 PM

Quote from: mrcash02 on June 27, 2017, 05:50:03 PM

Quote from: franky1 on June 27, 2017, 05:36:11 PM

Quote from: European Central Bank on June 27, 2017, 05:32:57 PM

Quote from: franky1 on June 27, 2017, 05:10:35 PM

the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

that's driven by users, not them. if the only way i could use bitpay was to do it through ethereum then my business with them is over for good.

most merchants wouldnt notice the difference as most merchants offering crypto through coinbase/bitpay are ones that simply want fiat at the end so what the merchant accepts from customers is never really bitcoin or other crypto in the first place as its 'managed' by 3rd party

those that want crpyto even if it changed to lets say litecoin. would just do a profile settings to convert LTC to 95% fiat 5% btc so that the merchant still gets the small percentage the average merchant decides to keep as btc.. even if the merchant is physically offering LTC due to a polict change of the merchant tools that could happen

It's not so simple... Bitcoin is what it's today because it have built a reputation along the years,

the franch franc had centuries of 'reputation'.... but then
boom
the euro

the spanish peseta had centuries of 'reputation'.... but then
boom
the euro

the UK one pound coin was round and had a reputation for being round...... but then
boom
12 sided edges

Global, decentralized, online currencies, not official country's currencies, centralized ones.

People will use Crypto-Currency while they believe it, trust it. If the system keeps changing from one to another main Crypto-Currency, the trust will become weaker and weaker even more. Stability is the key, buyer and, investors are aware of it. Buyers happy, sellers with full pockets.

In other words, the only thing that satisfies people completely is fiat. Fiat has stability. It doesn't demand a huge transaction fee when you are sending transactions. Its transactions occur smoothly and quickly. Of course, it goes through a third-party and is technically owned by banks and the government, but fiat is simply superior to Bitcoin at the moment. Plus merchants actually accept fiat, whereas Bitcoin is dismissed to the side. The average citizen would never use Bitcoin. They would just stick with old, trusted fiat.

aso118

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Quote from: franky1 on June 27, 2017, 05:10:35 PM

the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

where by all the merchants that currently accept bitcoin automatically switch to accepting another coin. thus the real world media talking about mainstream adoption then begins talking about consumers and merchants accepting a different coin.

a couple months ago i theorised this could happen due to all the dcg portfolio / silbert drama of controlling the majority of bitcoin businesses and all the relating things to litecoin/ssw/coinbase where by litecoin ends up high on the list of potential currency that get swapped

Would that really be the case? There are countries where Bitbay/ Coinbase do not have a presence, but yet Bitcoin is popular.
Swapping Bitcoin with another coin would only result in Bitbay losing a lot of customers.

franky1

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Quote from: mrcash02 on June 27, 2017, 06:35:57 PM

Global, decentralized, online currencies, not official country's currencies, centralized ones.

yes. but when the majority of 'trade' is done via coinbase/bitpay... you start to realise bitcoin is not the same ethos / paradigm / revolution as 2009-2013

mrcash02

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Quote from: franky1 on June 27, 2017, 06:17:45 PM

Quote from: mrcash02 on June 27, 2017, 05:50:03 PM

Quote from: franky1 on June 27, 2017, 05:36:11 PM

Quote from: European Central Bank on June 27, 2017, 05:32:57 PM

Quote from: franky1 on June 27, 2017, 05:10:35 PM

the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

that's driven by users, not them. if the only way i could use bitpay was to do it through ethereum then my business with them is over for good.

most merchants wouldnt notice the difference as most merchants offering crypto through coinbase/bitpay are ones that simply want fiat at the end so what the merchant accepts from customers is never really bitcoin or other crypto in the first place as its 'managed' by 3rd party

those that want crpyto even if it changed to lets say litecoin. would just do a profile settings to convert LTC to 95% fiat 5% btc so that the merchant still gets the small percentage the average merchant decides to keep as btc.. even if the merchant is physically offering LTC due to a polict change of the merchant tools that could happen

It's not so simple... Bitcoin is what it's today because it have built a reputation along the years,

the franch franc had centuries of 'reputation'.... but then
boom
the euro

the spanish peseta had centuries of 'reputation'.... but then
boom
the euro

the UK one pound coin was round and had a reputation for being round...... but then
boom
12 sided edges

Global, decentralized, online currencies, not official country's currencies, centralized ones.

People will use Crypto-Currency while they believe it, trust it. If the system keeps changing from one to another main Crypto-Currency, the trust will become weaker and weaker even more. Stability is the key, buyer and, investors are aware about it. Buyers happy, sellers with full pockets.

GreenBits

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Quote from: HabBear on June 27, 2017, 05:03:21 PM

The more I think about the long term viability of Bitcoin, the more I think about what could eclipse Bitcoin's advances in technology and role in the monetary system that would make it antiquated an no longer useful?

Anyone with deep cryptography and monetary system experience care to chime in and offer opinions on what would have to occur for Bitcoin to be obsolete in its current form?

Thanks.

To be honest, if/when ETH recovers, these token sales might be the ticket to widespread adoption. We are on the cutting edge of ERC20 tokens, which behave like smart stocks to me. Essentially, the innovation on the ETH blockchain is already pretty daunting compared to bitcoin. Sure, it could be a layer on the bitcoin blockchain, but we are pretty hurt right now as far as congestion.

A major corp, like Microsoft or Google, making a crypto would probably have me hook line and sinker. You know they are going to prop the price up; it's part of the brand Wink

franky1

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Quote from: mrcash02 on June 27, 2017, 05:50:03 PM

Quote from: franky1 on June 27, 2017, 05:36:11 PM

Quote from: European Central Bank on June 27, 2017, 05:32:57 PM

Quote from: franky1 on June 27, 2017, 05:10:35 PM

the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

that's driven by users, not them. if the only way i could use bitpay was to do it through ethereum then my business with them is over for good.

most merchants wouldnt notice the difference as most merchants offering crypto through coinbase/bitpay are ones that simply want fiat at the end so what the merchant accepts from customers is never really bitcoin or other crypto in the first place as its 'managed' by 3rd party

those that want crpyto even if it changed to lets say litecoin. would just do a profile settings to convert LTC to 95% fiat 5% btc so that the merchant still gets the small percentage the average merchant decides to keep as btc.. even if the merchant is physically offering LTC due to a polict change of the merchant tools that could happen

It's not so simple... Bitcoin is what it's today because it have built a reputation along the years,

the franch franc had centuries of 'reputation'.... but then
boom
the euro

the spanish peseta had centuries of 'reputation'.... but then
boom
the euro

the UK one pound coin was round and had a reputation for being round...... but then
boom
12 sided edges

BitcoinBallerina

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In my opinion, the thing which could eclipse Bitcoin would be as you say, better tech. Actually, it is interesting that Microsoft is getting skin in the game with Ethereum given they used to have a monopoly in the tech industry. Makes you wonder if they won't eclipse Bitcoin soon. At the end of the day, we are not psychic so it is pointless speculating too much.

mrcash02

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Quote from: franky1 on June 27, 2017, 05:36:11 PM

Quote from: European Central Bank on June 27, 2017, 05:32:57 PM

Quote from: franky1 on June 27, 2017, 05:10:35 PM

the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

that's driven by users, not them. if the only way i could use bitpay was to do it through ethereum then my business with them is over for good.

most merchants wouldnt notice the difference as most merchants offering crypto through coinbase/bitpay are ones that simply want fiat at the end so what the merchant accepts from customers is never really bitcoin or other crypto in the first place as its 'managed' by 3rd party

those that want crpyto even if it changed to lets say litecoin. would just do a profile settings to convert LTC to 95% fiat 5% btc so that the merchant still gets the small percentage the average merchant decides to keep as btc.. even if the merchant is physically offering LTC due to a polict change of the merchant tools that could happen

It's not so simple... Bitcoin is what it's today because it have built a reputation along the years, it can't change overnight making people move themselves to a new currency just because a popular service tell people to do it. If this situation happens once, it will already make some people be suspicious about Crypto-Currency, if it happens again, people will be more alert than before and probably will stop using Crypto-Currency, because there isn't stability.

And even sellers don't matter about it, they are nothing without buyers.

European Central Bank

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Quote from: franky1 on June 27, 2017, 05:36:11 PM

most merchants wouldnt notice the difference as most merchants offering crypto through coinbase/bitpay are ones that simply want fiat at the end so what the merchant accepts from customers is never really bitcoin or other crypto in the first place as its 'managed' by 3rd party

those that want crpyto even if it changed to lets say litecoin. would just do a profile settings to convert LTC to 95% fiat 5% btc so that the merchant still gets the small percentage the average merchant decides to keep as btc.. even if the merchant is physically offering LTC due to a polict change of the merchant tools that could happen

true. merchants don't care.

but they're there to cater to users. users won't be steered into another coin just because bitpay dictates it. it has to happen naturally over time. payment processor acceptance of a coin is the last thing to fall into place.

franky1

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Quote from: European Central Bank on June 27, 2017, 05:32:57 PM

Quote from: franky1 on June 27, 2017, 05:10:35 PM

the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

that's driven by users, not them. if the only way i could use bitpay was to do it through ethereum then my business with them is over for good.

most merchants wouldnt notice the difference as most merchants offering crypto through coinbase/bitpay are ones that simply want fiat at the end so what the merchant accepts from customers is never really bitcoin or other crypto in the first place as its 'managed' by 3rd party

those that want crypto even if the merchant shopping carts changed to lets say litecoin, they would just do a profile settings to convert LTC received to 95% fiat 5% kept as crypto(of their choice)

European Central Bank

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Quote from: franky1 on June 27, 2017, 05:10:35 PM

the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

that's driven by users, not them. if the only way i could use bitpay was to do it through ethereum then my business with them is over for good.

franky1

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Quote from: HabBear on June 27, 2017, 05:17:07 PM

Would this allow Bitcoin to shift further to a store of value asset

dont be deluded to think bitcoin can survive as purely a store of value, without utility.
even 42coin had scarcity without utility but that didnt have 'value'

what you have to realise is those that say bitcoin should only be a store of value are those that dont want bitcoin to have utility. they want to kill off bitcoin and leave people holding a empty bag.

utility =value
no utility= no value

yea people can try to beat the drum harder to drum up some speculation, but once they run out of energy there wont be energy left to keep it going
so dont be fooled that a future of bitcoin only being a store of value is a sustainable thing. thats just something the shepherds wants the sheep to think.

remember it was things like alpaca socks, bitcoin pizza, silkroad, bitpay merchant tools that really got bitcoin value.. not scarcity. not store of value.

and lastly to rebut what i expect many to say
"bitcoin is lik gold"
.. nope. gold has utility/purpose (circuits, jewellery,, etc) gold is not valued simply because it stores value. ... gold stores value because it has utility

AgentofCoin

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Quote from: HabBear on June 27, 2017, 05:03:21 PM

...what would have to occur for Bitcoin to be obsolete in its current form?

A crypto-currency that can communicate in the 4th dimension
while still representable and transactable in the 3rd.

When that occurs, validator nodes will be decentralized not
only by location, but also by time.

HabBear

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Quote from: franky1 on June 27, 2017, 05:10:35 PM

the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

where by all the merchants that currently accept bitcoin automatically switch to accepting another coin. thus the real world media talking about mainstream adoption then begins talking about consumers and merchants accepting a different coin.

a couple months ago i theorised this could happen due to all the dcg portfolio / silbert drama of controlling the majority of bitcoin businesses and all the relating things to litecoin/ssw/coinbase where by litecoin ends up high on the list of potential currency that get swapped

Interesting and certainly realistic and feasible.

Would this allow Bitcoin to shift further to a store of value asset that people would exchange out of for the coin created by Bitpay/Coinbase?

Obviously transaction activity can be driven by retailers. But this doesn't impact where regular folks keep their savings and wealth. Thoughts on this?

Thanks, Franky.

franky1

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the simplest switch would be if/when bitpay/coinbase decide to offer a different coin as the merchant shopping cart "we accept coin" currency.

where by all the merchants that currently accept bitcoin automatically switch to accepting another coin. thus the real world media talking about mainstream adoption then begins talking about consumers and merchants accepting a different coin.

a couple months ago i theorised this could happen due to all the dcg portfolio / silbert drama of controlling the majority of bitcoin businesses and all the relating things to litecoin/ssw/coinbase where by litecoin ends up high on the list of potential currency that get swapped

HabBear

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The more I think about the long term viability of Bitcoin, the more I think about what could eclipse Bitcoin's advances in technology and role in the monetary system that would make it antiquated an no longer useful?

Anyone with deep cryptography and monetary system experience care to chime in and offer opinions on what would have to occur for Bitcoin to be obsolete in its current form?

Thanks.

Topic: What could eclipse Bitcoin and make it antiquated? - page 2. (Read 1146 times)